Engineering services company L&T Technology Services Ltd (LTTS) on Monday (November 11) announced its plan to acquire 100% ownership of Intelliswift Software (India) Pvt Ltd and US-based company Intelliswift Software Inc for $110 million. According to the exchange filing, Intelliswift provides services to 4 of the top 5 hyperscalers and over 25 Fortune 500 companies, including 5 of the top 10 ER&D spenders in software and technology.
 

LTTS has signed a definitive agreement through its wholly-owned subsidiary L&T Technology Services LLC. The acquisition aims to enhance LTTS' capabilities in AI, software product development, platform engineering and digital integration, which is expected to be completed by February 28, 2025. The acquisition is in line with LTTS' strategy to expand its digital engineering suite for global clients by integrating Intelliswift's expertise in software development, platform engineering and AI-driven automation frameworks. Shares of L&T Technology Services Ltd closed at Rs 5,125 on the BSE on Monday, up Rs 26.40 or 0.52 per cent.